They could always edit the existing item. The problem is how to get them to it easily. I always have to design the interface with the worst case in mind. My thought was they enter the LoanNumber in the "Title" field. Once they have done that they
either get directed to the edit form of that item or a new form if the value is not found.
One thought I had was to use the DropDowns to populate a filter somehow that could be used to filter a view below the new form webpart. Basically they would enter the LoanNumber and it would sort the bottom webpart. If no results are found they proceed with
the new item, if they see a result they simply click the edit option on the item below.
I am very new to anything custom in Sharepoint. SO I am trying as manythings as possible. We are having to use SharePoint to accomplish things that would be better suited in other software due to resources being tight.
As far as versioning, the only concern would be caputing all the information that is available in versioning. I have not been successful when exporting data and getting the historical comments from SP.
As Always thank you.